The law firm of Lieff, Cabraser, Heimann & Bernstein, LLP announces that class action lawsuits have been brought on behalf of all purchasers of the securities of Longtop Financial Technologies Limited (“Longtop” or the “Company”) (NYSE:LFT - News) on the New York Stock Exchange between October 25, 2007 and May 17, 2011, inclusive (the “Class Period”).

If you purchased Longtop securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than July 22, 2011. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the litigation.

Longtop shareholders who wish to learn more about the actions and how to seek appointment as lead plaintiff may visit Lieff Cabraser’s website at http://www.lieffcabraser.com/securities-investor-fraud/case/473/longtop-financial-technologies-limited-securities-class-litigation or contact Sharon Lee of Lieff Cabraser toll free at (800) 541-7358.

Background on the Longtop Securities Class Litigation

The actions are brought against Longtop and certain of its officers and directors for violations of the Securities Exchange Act of 1934. Longtop, headquartered in Beijing, China, designs, develops, and delivers software solutions and information technology services to the financial services industry in China.

The actions allege that during the Class Period, defendants misrepresented and omitted material information regarding Longtop’s financial condition and prospects. On April 26, 2011, Citron Research issued a report raising serious issues with Longtop’s reported financial results, accounting practices, and operations. In response to the report, the price of Longtop’s shares fell significantly, closing at $17.73 per share on April 27, 2011.

Following the publication of the Citron Research report, Longtop hosted a conference call with investors and analysts during which its senior management denied the allegations in the report. On May 9, 2011, Citron published a second report entitled “Longtop Financial (NYSE:LFT - News) Final Proof of Undisclosed Related Party Transactions.” In response to the report, the price of Longtop shares fell another $1.67 per share, or 8.3 percent, to close at $18.54 on May 9, 2011.

On May 17, 2011, NYSE Regulation, Inc. halted trading in Longtop shares pending an announcement by the Company. Two days later, on May 19, 2011, Longtop issued a press release stating that it would not announce its fourth quarter and fiscal year 2011 results on May 23, 2011 as previously scheduled.

On May 23, 2011, Longtop issued a press release announcing that its independent auditor, Deloitte Touch Tohmatsu CPA Ltd. (“DTT”), and its Chief Financial Officer, defendant Derek Palaschuk, had resigned. According to the release, Deloitte stated in its resignation letter that it was resigning “as the result of, among other things: (1) the recently identified falsity of the Company's financial records in relation to cash at bank and loan balances (and possibly in sales revenue); (2) the deliberate interference by certain members of Longtop management in DTT's audit process; and (3) the unlawful detention of DTT's audit files. DTT further stated that DTT was no longer able to rely on management's representations in relation to prior period financial reports, that continued reliance should no longer be placed on DTT's audit reports on the previous financial statements, and DTT declined to be associated with any of the Company's financial communications in 2010 and 2011.” In addition, Longtop revealed that the Securities and Exchange Commission had commenced an investigation regarding related matters.

About Lieff Cabraser

Lieff, Cabraser, Heimann & Bernstein, LLP, with offices in San Francisco, New York and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.

Since 2003, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs’ law firms in the nation. In compiling the list, the National Law Journal examined recent verdicts and settlements in addition to overall track records. Lieff Cabraser is one of only two plaintiffs’ law firms in the United States to receive this honor for the last eight consecutive years.

For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Oil slipped to near $98 per barrel Tuesday as investors anticipate increased crude production from OPEC countries.

Benchmark crude for July delivery gave up 62 cents at $98.39 per barrel in midday trading on the New York Mercantile Exchange.

The Organization of Petroleum Exporting Countries is expected to discuss a change in its production quotas at the cartel's meeting Wednesday in Vienna. Analysts say ministers could increase production in an attempt to push fuel prices lower and take some pressure off the world economy.

The move would be largely symbolic since most OPEC countries already produce more than their daily quota. Raising the quota could allow some countries to boost production even more.

"There's a lot of people who are nervous ahead of those meetings," independent oil analyst Jim Ritterbusch said. After a slew of gloomy reports on gasoline demand, unemployment, consumer confidence, housing and manufacturing, oil investors are less confident that oil will rise in the short term, Ritterbusch said.

"You're seeing a big rush to the exits on the part of hedge funds," he said.

Still, major investment banks say oil is headed higher later this year and into 2012. Rising global demand -- driven by China and other emerging economies -- will keep pressure on oil supplies.

Those forecasts were supported Tuesday by the U.S. Energy Information Administration's monthly outlook. The EIA said world oil demand will grow by 1.7 million barrels per day this year and another 1.6 million barrels per day in 2012. And despite a recent decline in gasoline consumption in the U.S., the government says drivers will burn an additional 3.4 million gallons per day in 2012.

Shares of cable company Cablevision Systems Corp. rose Tuesday, a day after it announced that a planned spinoff of its cable networks will take place at the end of June.

THE SPARK: On Monday, the New York-area cable company said its board of directors approved spinning off its AMC, IFC, Sundance Channel and WE TV networks as a group. Cablevision said it will spin off AMC Networks Inc. June 30.

THE BIG PICTURE: People who hold Cablevision shares as of June 16 will get one share of AMC Networks Inc. for every four shares of Cablevision they own. Shares of the spun-off company will trade on the Nasdaq stock market under the symbol "AMCXV."

THE ANALYSIS: Spinning off the networks will get Cablevision close to being a pure cable company, which could attract more investors, said Nomura analyst Mike McCormack in a note to clients.

But Cablevision will still own media properties, including a New York-area television network, local newspaper Newsday and movie theater chain Clearview Cinemas.